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When Doves Cry – Why you should make a Will

Posted on April 28, 2016

While the world is still reeling over the sad loss of global music superstar Prince this week, it has been reported today that over half of his vast estate is due to go to state and federal taxes in America following the revelation that the icon did not make a will or leave any provision for his fortune prior to his untimely death.  It is often a misconception that people only need to make a will if they reach a certain age or have a specific amount of money in the bank but that is simply not the case.

A will should be a major part of your plans for the future as it allows you to make provision for what should happen to your money, investments and personal belongings after you die.

It also allows you to inform your Executor(s) (a person/people appointed in your will to administer your estate) of any wishes you have in relation to your funeral arrangements or any legacies you wish to make to specific people.

Without a will, the law of intestacy steps in to distribute the estate according to a clear line of family succession.  This could mean that your money and personal possessions do not go to your preferred family members or friends on your death and could create problems for the loved ones you leave behind.

A will can also be used to appoint testamentary guardians to care for your child/children in the event of your death. Therefore it is very important if you have children, to make sure you have made your wishes clear for their care after your death through the creation of your will.

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